MFG in the BUY zone, page-385

This is their relative performance here: https://investmentcentre.moneymanagement.com.au/factsheets/mi/n8z0/magellan-global
Magellan has underperformed the market but still outperformed their objective. I'm actually not sure what the fuss is about with relative performance for an absolute return fund. Magellan aim for 9% p.a through the cycle and have achieved that with a downside protection overlay (Risk cap of 0.8). These guys manage money for the Rothschilds, World bank and the Bill & Melinda gates foundation as examples (https://frontierpartners.com/our-clients/client-results-list/); clients of this size generally care more about absolute performance especially those with pension obligations (e.g St.James place international pension fund which Hamish manages) otherwise why invest with magellan if you don't understand the strategy and just buy the index instead with no downside protection?
These guys are one of the few who manage the downsides and are obviously not going to keep pace with a fully invested benchmark in a very strong bull market, i'm sure those who are redeeming units will come back to magellan when the market chucks a fit and falls 25% as it does every so often. Also note that their institutional business has been closed for a number of years now, the only money that can inflow into their institutional funds are existing clients. If they were chasing flows they could re-open the flood gates at any time but they won't because they are focused on scale, not size. If the funds move 20%, MFG FUM will move 22.6 billion, and is the key driver of the profits not flows.